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13-15 Sheridan Square, New York, New York

AKA 162-164 West 4th Street, New York, NY

Description: 6-Story Elevator Apartment Building (52 Apts)

Neighborhood: West Village

Sq Ft: 38,214 SF

Price: $9,800,000

190-194 Waverly Place, New York, New York

Description: 5-Story Elevator Apartment Building With 30 Apartments

Neighborhood: West Village

Sq Ft: 25,075 SF

Price: $5,300,000

115-119 Washington Place, New York, NY

Description: Two 6–Story walk-up apartment buildings with a total of 52 apartments

Neighborhood: West Village

Sq. Ft: 28,560

Price: $16,600,000 – Manhattan Investor Closes $158M Miltifamily Sale

April 12, 2006

A Manhattan investor, listed as the entity 240 East 27th Street LLC, purchased the 26-story elevatored apartment building on 463 Second Ave. in New York from Wards Construction Co. for $158 million, or about $486,154 per unit. Built in 1977, the 26-story, 348,386-square-foot building is bounded by East 26th and East 27th streets. The property contains approximately 325 units; 100 studios, 75 one-bedroom, 100 two-bedroom, 21 junior two-bedroom, 21 three-bedroom and six five-bedroom units, plus one penthouse and one store which is currently occupied by Duane Reade Pharmacy. The building also has a 130-space car garage. The current net operating income of the building is $5.35 million. The new owner plans to convert the building into 40 rent stabilized and 285 free-market condominium units.

Rama Bassalali of RMB Properties was the sole broker.$158M-Multifamily-Sale/77141 – Elmhurst Development Site Sold

January 04, 2006

The free standing structure occupied by KFC at 82-23 Queens Boulevard in Elmhurst Queens was sold for $3,425,000 to a Queens developer who plans to build a residential rental with retail and medical use on the lower floors. The seller was a family that owned it since 1945. The KFC lease expires in August 2006 and they vacated early in order to consolidate. The sellers independent counsel was Nelson Willick of Wesport, CT while the buyer was represented by Joseph Misk of Ginsberg & Misk of Queens Village.

The property plot size is 80 x 142 with a zoning of R6 in a C2-3 overlay. The existing net income from the triple net KFC was $115,000 which equates to a yield of 3.35% on this investment. The property was sold, however, based on development potential and not on existing income. Rama Bassalali president of RMB Properties was the sole broker in this transaction which reprsented the long term ownership based in the west coast and the buyer, a local real estate developer with many years of experience in multi-family development in Queens and Long Island. The deal closed 5 months from contract signing. – Queens KFC Development Site Sold

December 21, 2005

In a transaction that took 6 months to complete, 82-83 Queens Boulevard was sold for $3,425,000 by the family that has owned it since 1945. The building is a free standing retail structure now occupied by KFC. Rama Bassalali was the sole broker representing the buyer and the seller.

Link: Article

New York Post – Greenwich Village Residential Portfolio Sold

October 24, 2004

A long-term property owner has sold a Greenwich Village portfolio for $55,500,000. The owners were not motivated to sell but finally gave in at a very high 14 times gross rents, working out to a return on investment of 4 1/2 percent. Rama Bassalali of RMB Properties acted as sole broker. The buyers, a New Rochelle family with an extensive portfolio, plan to hold and not convert the properties.

Link: NY Post: Oct. 24, 2004 Commercial RE Section

NY Law Journal – Chelsea Office Building Sold

February 18, 2004

A mixed-use retail and office building at 55 West 17th Street recently changed hands. The building, home to the Charles P. Rogers Brass Bed Co. retail store and offices for the retailer Old Navy, was purchased for $12 Million by private investor 55 West 17th Associates, LLC from Hype Park Trading Ltd. The six story building started its life as a factory and has since been converted to office and retail use. Rama Bassalali of RMB Properties served as broker for the seller in the transaction. – Bethune Street Brownstone Sold

August 08, 2003

A ten-unit residential building at 31 Bethune Street between Greenwich and Washington Street in the West Village was sold for $1.87 million which is 11 times the gross rent roll or $224 a foot for the 8,360 sf on five floors. The property was owned by the same 2 brothers since the 1960s. The new owner, a local investor, will turn the ground floor and basement into a single duplex unit and occupy it as his own residence. Rama Bassalali was the exclusive broker and represented both parties to the transaction.